How much is the budgeted balance for Accounts Payable at October 31, 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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How much is the budgeted balance for Accounts Payable at October 31, 2022?
![National Company reported the following information for 2022:
November
P220,000
P128,000
O ctober
P230,000
Budgeted purchases P120,000
December
P270,000
P144,000
Budgeted sales
-Cost of goods sold is 35% of sales.
- National purchases and pays for merchandise 60% in the month of acquisition and 40% in the
following month.
-Accounts payable is used only for inventory acquisitio ns.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb79b6d27-de15-4603-a478-0da9a65bb56a%2Fdd07cf86-8682-4848-b2ff-30eb62a3ef54%2Fxldbue_processed.png&w=3840&q=75)
Transcribed Image Text:National Company reported the following information for 2022:
November
P220,000
P128,000
O ctober
P230,000
Budgeted purchases P120,000
December
P270,000
P144,000
Budgeted sales
-Cost of goods sold is 35% of sales.
- National purchases and pays for merchandise 60% in the month of acquisition and 40% in the
following month.
-Accounts payable is used only for inventory acquisitio ns.
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